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Head of OpenSea Considers Selling the Platform
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Head of OpenSea Considers Selling the Platform

Jan 28, 2024

Devin Finzer, CEO of the popular NFT marketplace OpenSea, has announced the company's readiness for sale. He did not specify any potential buyers but highlighted that following the crash of the cryptocurrency market and the NFT industry in 2022, OpenSea's value significantly dropped, far from its $13.3 billion valuation. Finzer expressed willingness to consider sale options if a suitable partner or buyer emerges.

At its peak, OpenSea controlled about 90% of the NFT market. However, according to Dune Analytics, by January 2024, the platform's monthly trading volumes had fallen to $171 million, a 96% decrease from January 2022. The competitive platform Blur surpassed OpenSea, becoming the leader in the sector.

Finzer noted that he is not concerned about competition and is focused on building a brand that ensures user safety and excludes fraudulent or problematic collections. He also emphasized the importance of talent in team recruitment, noting that many talented individuals who started their projects are looking for opportunities in other organizations.

He also commented on the mass layoffs at OpenSea in 2023, explaining it as a necessity for restructuring and creating a more compact but efficient team.

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